Quantcast

The Real Deal Los Angeles

Bascom sells 63-unit apartment complex in Glendale for $20M

Firm purchased property in 2013 for $12.5M
August 11, 2017 08:00AM

The 63-unit apartment complex named 1001 Melrose on 303 W Glenoaks Blvd. (credit: Google Maps)

It’s nowhere near Melrose Place, but it’s got the moniker.

Private equity firm Bascom Group sold its Glendale apartment complex known as 1001 Melrose for $20 million. 

An entity registered to Olympic Town, which is linked to Jin Lee of JinLee Properties near Koreatown, shelled out roughly $318,000 per unit for the building at 303 W. Glenoaks Boulevard. 

Bascom purchased the 63-unit property in 2013 for $12.5 million from Granite Investment Group of Irvine, the San Fernando Valley Business Journal reported. 

Originally built in 1962 as a motel, the property was converted several decades ago to a four-story apartment building offering studios, one-, two- and three-bedroom units. Amenities include a rooftop gym, pool, recreation room and business center, according to the Business Journal.

Bascom invested $1.3 million in renovations over the last four years to retrofit the building and update its common areas.

David Leibowitz, Clark Everitt and William Everitt of Investment Real Estate Associates (IREA) represented the seller and buyer. [SFVBJ] — Subrina Hudson